What are my options? Cash ready but Bad Credit!

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What are my options? Cash ready but Bad Credit!

Mario Jimenez
Member since 2021 · 3 posts · 1 vote

Let me start off by saying I'm a complete rookie when it comes to real estate investing. I'm looking to get into rentals but have bad credit, so conventional loans are out the question. I have around $30,000 waiting to be invested, but have a couple of questions I hope the experts can answer.

The property I'm interested in is $145,000 for a four plex. With the $30,000 I have and considering the bad credit, what can I do to get this property under my belt? Should I put the whole $30,000 down? If so, what are my options with the remaining balance? Or, how can I utilize this $30,000 to get into a deal that cost more? 

FYI, working on the credit with other funds. All advice is deeply appreciated.

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  • Hersh ShahBusiness Member
    Realtor · Atlanta, GA · Member since 2016 · 121 posts · 80 votes
    5y

    Mario, I would need to know more about the deal to be able to provide better advice.

    First thoughts would be you can use the funds to buy using FHA loan if you can qualify for that as Conventional will be much different in terms of credit and down payment requirement.

    You could partner with someone with great credit and no money.

    You could try to do seller financing if the seller is open to it.

    Hope that helps 

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